The market price plunged by 500 pips within a day after the market made a break at the lowest price and the decline continued until the market closed.
The current market price that opened today made a retracement as well as testing at the price of 1765.00 which is seen to have a downtrend setup because at the timeframe M15 made a third test at the resistance level as well as the trendline.
Nevertheless, on the last H1 timeframe the price tested last night has reached at the support area of 1750.00 and I see the possibility for the long term the gold market is able to make a rebound after this impending decline.
In a sense, movement on a small timeframe will move downtrend and test on yesterday’s support area. At that point, we can see whether the market is just testing or a breakout at 1750.00
In my opinion, the price will only retest at 1750.00. So short -term trading at 1765.00 is allowed, as well as as a precaution we will see at 1750.00 what will happen tonight.
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